NDLI: Union of India & Anr. Vs. Citi Bank, N. A.

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	1973(FERA) – ss.6(4)(5) 8(1) Foreign Exchange Regulation Act 64(2)(4)(5) & 73(3) –
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Dismissed
Headnote	Foreign Exchange Regulation Act, 1973(FERA) – ss.6(4)(5), 8(1), 64(2)(4)(5) & 73(3) – Foreign Currency Deposit in NonResident External Account – Respondent-Bank was granted license to act as an authorized dealer, had accepted cash in foreign currency, equivalent to Rs.23,17,630/- during the period from October 1992 to January 1993 to the credit of NRE (Non-Resident External) Account of a Non- Resident Indian (NRI) – RBI issued circular dated 31.07.1995, imposing restriction to the effect that only an NRI Account Holder shall deposit foreign currency in his NRE account – Show Cause notice issued on 25.09.2002 to the Bank – Thereafter, the Adjudicating Officer held that the adjudication proceedings should be held against the Bank – Single Judge of the High Court in Writ Petition filed by the Bank, set aside the show cause notice – Single Judge held by taking into account that prior to 31st July 1995, foreign currency deposits could be made by individuals other than the NRI Account Holders in the NRE accounts of such NRIs – Division Bench dismissed the Letter Patent Appeal – On appeal, held: It is a settled proposition of law that when the proceedings are required to be initiated within a particular period provided under the Statute, the same are required to be initiated within the said period – However, where no such period has been provided in the Statute, the authorities are required to initiate the said proceeding within a reasonable period – The show causes notices issued in the year 2002, i.e. after a period of almost one decade from the date of the alleged transactions of 1992-1993 and that too just before the sunset period of FERA was to expire, i.e., on 1st June 2002 – Therefore, show cause notices and proceedings continued thereunder are liable to be set aside on this short ground – Banking Companies (Period of Preservation of Records) Rules, 1985.
Judge	Hon'ble Mr. Justice Bhushan Ramkrishna Gavai
Neutral Citation	2022 INSC 1318
Petitioner	Union Of India & Anr.
Respondent	Citi Bank, N. A.
SCR	[2022] 10 S.C.R. 279
Judgement Date	2022-08-24
Case Number	9337

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